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Business competition, on the other hand, is always a process in which entrepre­ neurs, with imperfect information, attempt to make adjustments in market conditions such that a closer coordination between supply and demand plans is achieved. Importantly, these adjustments are not limited to price and output, as in the standard model, but may encompass any aspect of exchange that consumers believe to be relevant. Finally, even collusive agreements can be efficient if one adopts a coordinating theory of efficiency and market process.

If these bits of information were already known, Hayek reasoned, then the markets must already be in equilib­ rium. ” 30 For Hayek, and for all modern neo-Austrians, competition is the discovery process itself, and not the final and static equilibrium condition. Equilibrium theory, which assumed away the entrepreneurial process, was simply no help in an understanding of market competition. Summary Perfect competition theory is both illogical and irrelevant. Moreover, it sim­ ply assumes conditions to exist which necessarily result in an equilibrium.

Business competition, on the other hand, is always a process in which entrepre­ neurs, with imperfect information, attempt to make adjustments in market conditions such that a closer coordination between supply and demand plans is achieved. Importantly, these adjustments are not limited to price and output, as in the standard model, but may encompass any aspect of exchange that consumers believe to be relevant. Finally, even collusive agreements can be efficient if one adopts a coordinating theory of efficiency and market process.

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